<PAGE>

                                                                    EXHIBIT 10.2

                     SUPERIOR INDUSTRIES INTERNATIONAL, INC.
                             CHIEF EXECUTIVE OFFICER
                            ANNUAL INCENTIVE PROGRAM
                                   MAY 9, 1994

PURPOSE

This Chief Executive Officer Annual Incentive Program is intended to provide
additional incentive to the Chief Executive Officer to improve the Company's
performance, to link the Chief Executive Officer's annual compensation to the
performance of the Company and to reward the Chief Executive Officer for his
contributions to such performance.

DEFINITIONS

The following terms shall, for purposes of this Plan, have the meanings set
forth below:

"Annual Income" means the Company's pre-tax income for a Program Year, adjusted
to exclude extraordinary and nonrecurring items and any expense related to
incentive awards under this Program or any other executive incentive
arrangements.

"CEO" means an individual who serves as the Company's Chief Executive Officer
during all or a portion of a Program Year.

"Code" means the Internal Revenue Code of 1986, as amended.

"Company" means Superior Industries International, Inc.

"Compensation Committee" means the Compensation Committee of the Company's Board
of Directors, or such other committee that is appointed by the Board of
Directors to administer the Program and that consists solely of at least two
"outside directors" within the meaning of Section 162(m).

"Planned Annual Income" means the amount of planned Annual Income specified by
the Committee for a Program Year pursuant to Section 3(b).

"Program" means this Superior Industries International, Inc. Chief Executive
Officer Annual Incentive Program

"Program Year" means the 12 months ending November 30.

"Section 162(m)" means Section 162(m) of the Code and any regulations
promulgated pursuant thereto.

ADMINISTRATION

The Committee shall have full power, authority and discretion to interpret and
administer the Program, consistent with the provisions of Section 162(m).
Decisions of the Committee shall be final, conclusive and binding on the Company
and all persons claiming under the Program.

Prior to the beginning of each Program Year, or during such other period as may
be permissible pursuant to Section 162(m) for the establishment of performance
goals, the Committee shall specify, in writing, a planned level of


<PAGE>

Annual Income for the Program Year; provided, however, that for the Program Year
ending November 30, 1994, such Planned Annual Income amount may be specified at
any time prior to April 1, 1994.

As soon as practicable following the completion of each Program Year, the
Committee shall:

(i) Certify the amount of the Company's Annual Income for the Program Year;

(ii) Determine the amount payable pursuant to the formula in Section 4;

(iii) Determine the extent to which the amount payable under the Program should
be subject to reduction, if at all, based on the exercise of the Committee's
discretionary judgment; and

(iv) Specify the time or times at which such amount shall be payable, consistent
with Section 6.

PROGRAM FORMULA

The maximum amount payable under the Program for a Program Year shall equal a
percent of the Company's Annual Income for the year. The percent payable shall
depend upon the percent of Planned Annual Income actually achieved for the year,
and shall be determined according to the following formula:

<TABLE>
<CAPTION>
  PERCENT OF PLANNED                          PERCENT OF
ANNUAL INCOME ACHIEVED                  ANNUAL INCOME PAYABLE
---------------------------------       ---------------------
<S>                                     <C>
70% or below                                     1.0%
80%                                              1.4%
90%                                              1.8%
Over 90%                                         2.0%
</TABLE>

For percentages of Planned Annual Income between 70% and 90%, the percent of
Annual Income payable under the Program shall be determined by interpolation.

PARTIAL YEAR SERVICE

Except as otherwise determined by the Committee, no amount shall be payable
pursuant to this Program for a Program Year to an individual who is not the CEO
of the Company as of the last day of the Program Year.

In the event an individual is the Company's CEO for less than a full Program
Year, the Committee shall have discretion to determine the extent to which, if
at all, such individual shall receive payment pursuant to the Program for the
Program Year; provided, however, that in no event shall the aggregate amounts
payable to one or more CEOs pursuant to this Program for a Program Year exceed
the amount determined pursuant to the formula set forth in Section 4.

PAYMENT

Amounts payable under the Program shall be paid in cash within 60 days after the
appropriate certification by the Compensation Committee pursuant to Section 3
(c), except to the extent that the Committee has established procedures for
deferral of payment pursuant to voluntary elections by the CEO. The Company
shall have the right to deduct from any payment under the Program any taxes it
determines are required to be withheld with respect to such payment.

GENERAL


<PAGE>

No award under this Plan shall be considered as compensation in calculating any
benefit for which the recipient is eligible unless such benefit is granted under
a plan which expressly provides that incentive compensation shall be considered
as compensation under such plan.

In the event of a CEO's death, any amount payable to the CEO pursuant to this
Program but not yet paid, shall be paid to his legal representatives or, where
the Committee has authorized the designation of beneficiaries, to such
beneficiaries as may have been designated.

No CEO, no person claiming through a CEO, nor any other person shall have any
right or interest in the Program or its continuance, or in the payment of any
award under the Program, unless and until all the provisions of the Program have
been fully complied with. No rights under the Program, contingent or otherwise,
shall be transferable, assignable or subject to any pledge or encumbrance of any
nature. The Program shall be unfunded and any amounts payable under the Program
shall be paid from the general assets of the Company.

Nothing contained herein shall be construed as a contract of employment between
the Company and any CEO or other employee, or as giving a right to any person to
continue in the employment of the Company, or as limiting the right of the
Company to discharge any person at any time, with or without cause.

This Program shall be governed by and construed in accordance with the laws of
the State of California.

SHAREHOLDER APPROVAL; AMENDMENT AND TERMINATION

No amounts shall be payable under this Program unless the Program is approved by
a vote of the shareholders of the Company.

This Program may be amended, suspended, or terminated by the Compensation
Committee at any time, without shareholder approval, except to the extent
required by Section 162(m).